Long-Term Financings

12 Months Ended

Dec. 31, 2025

LONG-TERM FINANCINGS

Long-Term Debt

DTE Energy's long-term debt outstanding and interest rates of debt outstanding at December 31 were:


	Interest Rate(a)	Maturity Date	2025		2024
			(In millions)
Mortgage bonds, notes, and other
DTE Energy debt, unsecured	4.7%	2026 — 2035	$	7,479	$	6,380
DTE Electric debt, principally secured	4.2%	2026 — 2055	12,620		11,270

DTE Gas debt, principally secured	4.4%	2027 — 2055	3,055		2,865

			23,154		20,515
Unamortized debt discount			(14)		(28)
Unamortized debt issuance costs			(127)		(114)
Long-term debt due within one year			(1,277)		(1,220)
			$	21,736	$	19,153
Securitization bonds(b)
DTE Electric securitization bonds	5.6%	2027 — 2038	$	642	$	713
Unamortized debt issuance costs			(6)		(7)
Long-term debt due within one year			(75)		(71)
			$	561	$	635
Junior Subordinated Debentures
Subordinated debentures	5.4%	2077 — 2085	$	1,510	$	910
Unamortized debt issuance costs			(36)		(26)
			$	1,474	$	884

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(a)Weighted average interest rate as of December 31, 2025.

(b)Bonds are held by DTE Securitization I and DTE Securitization II, special purpose entities consolidated by DTE Electric. Refer to Note 1 to the Consolidated Financial Statements, “Organization and Basis of Presentation,” for additional information regarding these entities and restrictions related to the bonds.

DTE Electric's long-term debt outstanding and interest rates of debt outstanding at December 31 were:


	Interest Rate(a)	Maturity Date	2025		2024
			(In millions)
Mortgage bonds, notes, and other
Long-term debt, principally secured	4.2%	2026 — 2055	$	12,620	$	11,270


Unamortized debt discount			(11)		(22)
Unamortized debt issuance costs			(80)		(73)
Long-term debt due within one year			(677)		(350)
			$	11,852	$	10,825
Securitization bonds(b)
DTE Electric securitization bonds	5.6%	2027 — 2038	$	642	$	713
Unamortized debt issuance costs			(6)		(7)
Long-term debt due within one year			(75)		(71)
			$	561	$	635

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(a)Weighted average interest rate as of December 31, 2025.

Debt Issuances

Refer to the table below for debt issued in 2025:


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Energy	February	Senior Notes(a)	5.20%	2030	$	1,100
DTE Electric	May	Mortgage Bonds(b)	5.25%	2035	500
DTE Electric	May	Mortgage Bonds(b)	5.85%	2055	500
DTE Electric	May	Mortgage Bonds(b)	4.25%	2027	300
DTE Energy	September	Senior Notes(a)	4.88%	2028	250
DTE Energy	September	Senior Notes(a)	5.05%	2035	550
DTE Energy	September	Junior Subordinated Debentures(a)	6.25%	2085	600
DTE Gas	September	Mortgage Bonds(b)	4.71%	2031	50
DTE Gas	September	Mortgage Bonds(b)	5.36%	2037	75
DTE Gas	September	Mortgage Bonds(b)	5.96%	2055	135
DTE Electric	November	Mortgage Bonds(b)	5.25%	2035	200
DTE Electric	November	Mortgage Bonds(b)	5.85%	2055	200
					$	4,460

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(a)Proceeds used for the repayment of short-term borrowings and for general corporate purposes.

(b)Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes.

Debt Redemptions

Refer to the table below for debt redeemed in 2025:


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Mortgage Bonds	3.38%	2025	$	350
DTE Electric	March	Securitization Bonds	5.97%	2025	15
DTE Energy	June	Senior Notes	1.05%	2025	800
DTE Electric	June	Securitization Bonds	2.64%	2025	20
DTE Electric	September	Securitization Bonds	5.97%	2025	15
DTE Electric	December	Securitization Bonds	2.64%	2025	21
DTE Gas	December	Mortgage Bonds	3.74%	2025	70









					$	1,291

Debt Maturities

The following table shows the Registrants' scheduled debt maturities, excluding any unamortized discount on debt:


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
	(In millions)
DTE Energy(a)(b)	$	1,352	$	1,730	$	1,987	$	1,962	$	2,504	$	15,771	$	25,306
DTE Electric(b)	$	752	$	339	$	617	$	103	$	829	$	10,622	$	13,262

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(a)Amounts include DTE Electric's scheduled debt maturities.

(b)Amounts include DTE Securitization I and DTE Securitization II scheduled debt maturities.

The following table shows scheduled interest payments related to the Registrants' long-term debt:


	2026		2027		2028		2029		2030		2031 and Thereafter		Total
	(In millions)
DTE Energy(a)(b)	$	1,127	$	1,039	$	963	$	879	$	790	$	11,465	$	16,263
DTE Electric(b)	$	557	$	518	$	504	$	496	$	484	$	5,637	$	8,196

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(a)Amounts include DTE Electric's scheduled interest payments.

(b)Amounts include DTE Securitization I and DTE Securitization II scheduled interest payments.

Junior Subordinated Debentures

DTE Energy has the right to defer interest payments on the Junior Subordinated Debentures. Should DTE Energy exercise this right, it cannot declare or pay dividends on, or redeem, purchase or acquire, any of its capital stock during the deferral period. Any deferred interest payments will bear additional interest at the rate associated with the related debt issue. As of December 31, 2025, no interest payments have been deferred on the Junior Subordinated Debentures.

Cross Default Provisions

Substantially all of the net utility properties of DTE Electric and DTE Gas are subject to the lien of mortgages. Should DTE Electric or DTE Gas fail to timely pay their indebtedness under these mortgages, such failure may create cross defaults in the indebtedness of DTE Energy.

Equity At-the-Market Program

In December 2025, DTE Energy filed a prospectus supplement and executed an Equity Distribution Agreement, pursuant to which DTE Energy may sell, from time to time, up to an aggregate $1.5 billion of its common stock through an at-the-market program, including an equity forward sales component. There were no issuances under the ATM program for the year ended December 31, 2025.